# Debt Repayment Calculator

Our MoneyProblems.ca Debt Repayment Calculator compares the cost to you of 3 different payment options to pay off credit card, line of credit or similar personal debts.

Minimum Payment: What if you only make the minimum payment on your debt each month?
Fixed Monthly Payment: What if you pay the same fixed payment each month?
Payoff Period: You wish to pay off your debt over a set time period. For example 3 years.

Step 1: Debt Information

This is the amount you owe on your credit card (or line of credit) as shown on your last statement and the annual interest rate charged by your credit card (or line of credit) issuer on outstanding balances.

Step 2: Minimum Monthly Payment Plan

Your minimum payment is the required amount payable on your credit card (or line of credit) before your credit card company charges you a late payment fee. Your minimum payment is calculated each month as the greater of a fixed amount (eg \$10) or a percentage of your outstanding balance (eg 3%). Minimum payment requirements can be found on your statement as part of the terms and conditions.

Based on the information you’ve provided your first minimum payment amount is .
Your minimum monthly payment will decrease each month as you pay off your balance.

Step 3: Fixed Monthly Payment Plan

Enter a fixed amount that you could apply to your credit card debt (or line of credit) every month.

Fixed Monthly Payment amount must be greater than or equal to your first Minimum Monthly Payment and cannot exceed your balance.

Enter the amount of time you would like to take to pay off your debt.

Calculate

## Minimum Monthly Payment Plan

Paying the required minimum monthly payment on your debt each month.
Original balance
\$10000.00
Monthly payment*
\$100.00
Time to pay off debt
5 year(s) and 5 month(s)
Total interest paid
\$5000.00
Total paid
\$15000.00

## Fixed Payment Plan

Paying a fixed amount to be applied to your debt every month.
Original balance
\$10000.00
Monthly payment
\$100.00
Time to pay off debt
5 year(s) and 5 month(s)
Total interest paid
\$5000.00
Total paid
\$15000.00

The monthly payment is determined by the desired time to pay off debt.
Original balance
\$10000.00
Monthly payment
\$100.00
Time to pay off debt
5 year(s) and 5 month(s)
Total interest paid
\$5000.00
Total paid
\$15000.00
*This is what your first monthly payment would be in a Minimum Payment Plan. Your payments will decline as you pay off your balance.
Strategy: As you can see if you pay only the minimum payment each month on your debt you will never really be debt free. Based on your fixed payment of \$FIXEDPMT, you will be debt free in Y years and M months.

However if you find you cannot afford to pay that much every month you may need to get help reducing your credit card debt. If this is your only debt, credit counselling may be your best option. If you have more debts, get an expert's opinion on your situation and the options available to you to get out of debt faster.

This calculator is for demonstration purposes.